DAMAC Properties Q2 net profit more than triples; shares surge

Dubai: Damac Properties’ second quarter to June net profit more than tripled, triggering a 15 per cent rally in its shares.

Net profit for the second quarter was at Dh1.42 billion compared to Dh461 million in the year before period. Revenues came in at Dh2.32 billion in the same period.

For the six months to June, the property developer said its net profit jumped to Dh2.65 billion from Dh1.74 billion in the year earlier period.

Revenues were at Dh4.75 billion during the same period.

“The first half of the year has seen strong performance for Damac with booked sales of Dh5.109 billion showing that interest levels for the right real estate product at the right price remains robust,” said Hussain Sajwani, chairman of Damac said in a statement.

“We strongly believe that our sales and marketing initiatives and financial strength will help us further distinguish ourselves during this period in the cycle,” Sajwani said.